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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (8608)	1/22/1998 6:56:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Odyssey Petroleum Ceases Pursuit Of Dolina Project In Western Ukraine; Company To Concentrate On Other Petroleum Ventures NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ODYSSEY PETROLEUM CORPORATION NASDAQ SYMBOL: OILYF JANUARY 22, 1998 CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ: OILYF) ("Odyssey" or the "Company") announces that further to its news release dated November 19, 1997, the Company has ceased negotiations with the Ukrainian national oil company, UKRNAFTA. The Company has no plans to pursue any transaction relating to the Dolina Region of western Ukraine. Company management is of the opinion that it would be in the best interests of Odyssey's shareholders to concentrate its efforts on the acquisition of international petroleum ventures in other parts of the world, of which there are a number currently being reviewed. Odyssey, a Canadian-based energy resource company, is engaged in the exploration and development of oil and gas projects on an international basis, and in the production and distribution of ethanol, primarily in the western United States. This release contains "forward looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important facts that may cause actual results to differ (the "Cautionary Statements") include but are not necessarily limited to, political and economic stability of the countries in which the Company intends to operate, the availability of commercially viable projects in which the Company may participate, or the Company's ability to obtain adequate financing. All subsequent written and oral forward looking statements attributed to the Company or persons acting on its behalf regarding the subject matter hereof are expressly qualified in their entirety by the Cautionary Statements.